Auto industry may pay of 5l jobs in 1Q

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The auto components industry may shed nearly 500,000 jobs over the next quarter as vehicle sales continue to decelerate, according to recruitment firms Xpheno and TeamLease. The workers facing the most risk include those in front-end sales, besides jobs in painting, welding, production technology and services. Small companies with a turnover of less than ₹400 crore are bleeding the most, though bigger players like Minda have also put a freeze on hiring. India’s auto parts makers employ about 5 million people, the bulk of them contractual workers, even as nearly 1 million have got pink slips in recent months.

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